Gold bulls regain control

Jason Sen DayTradeIdeas.co.uk

Gold – Silver

Gold Spot we wrote: holding above 1740 keeps the outlook positive re-targeting minor resistance at 1746/48. A break above 1750 meets strong resistance at1758/62. Shorts need stops above 1765.

We broke higher to 1769 – bulls need to hold prices above first support at 1760/57now.

Silver Spot beat resistance at 2560/70 but missed the next target of 2610/20 by 11pips.

Daily analysis

Gold bulls regain control. First support at 1760/57 but below here can target strong support at 1749/46. Longs need stops below 1741.

A break above 1770 targets 1781/84. Watch for a high for the day. A break higher targets 1792/96.

Silver on the way to the next target of 2610/20. We should struggle to beat this level with a high for the morning session likely. However a break above 2630 targets2650/60, perhaps as far as 2685/95.

First support at 2555/45 could see a low for the day. Further strong support at2520/10 but longs need stops below 2505.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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